Mish's Global Economic Trend Analysis

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Massive Brazil Protests: Hundreds of Thousands Demand President Rousseff Resign Posted: 15 Mar 2015 11:42 AM PDT Protesters in 16 Brazilian states and the capital took to the streets of Brazil today demanding the resignation or impeachment of Dilma Rousseff. They are upset over inflation, austerity, and Rousseff's involvement in the Petrobras scandal. For background, see my March 5 post Brazil Succeeds Beyond Wildest Dreams in Winning "Currency War" In every Brazilian state, people have had enough, Hundreds of Thousands March in Brazil to Protest Rousseff. The largest protest occurred in Sao Paulo, with 240,000 people as of 2:40 p.m. local time, according to its military police. Protests occurred in cites of 16 states and the federal capital, according to O Globo website. Its TV network reported 45,000 protesters in Brasilia, 20,000 in Belo Horizonte, and 20,000 in Belem, citing the military police of those cities. No violence or vandalism were reported. Higher taxes and increased prices for government-regulated items like gasoline are rankling Brazilians as the biggest corruption scandal in the nation's history ensnares elected and appointed officials. The approval rating of Rousseff's government has plummeted since she won a close re-election last October. Today's protests are the largest since June 2013 demonstrations in which more than a million people decried deficient public services and demanded an end to corruption. The president will meet at the end of the day with ministers from her political coordination team to evaluate the protests, Agencia Estado reported. The demonstrations were organized by activists on social networks including Twitter and Facebook, as messages reached citizens via WhatsApp. Protesters nationwide sported canary-yellow shirts, sang the national anthem and waved flags. In Rio, where the march snaked along Copacabana beach, one banner with Brazil's flag read "Beloved Country," while another said "Military Intervention Now!" Today marks the 30th anniversary of Brazil's return to democracy after a 21-year military dictatorship. Real vs. US Dollar Since July, the Real has fallen from 2.20 to the US dollar to 3.25 to the US dollar. That's a decline of 35% in less than a year. Ironically, in March of 2012 and previously in 2011, Brazilian officials were complaining about the strength of the Real. See Brazil Succeeds Beyond Wildest Dreams in Winning "Currency War" for details. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

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